Press Releases

WASHINGTON ­­­­- The National Committee for Responsive Philanthropy yesterday sent a letter to members of the Senate Banking and House Financial Services committees, raising concerns that the corporate disclosure legislation currently before Congress may overlook disclosure of corporate charitable contributions.

"Promoting openness and accountability in corporate charitable giving is a critical piece of restoring America's overall faith in corporate responsibility at this troubled time for our nation," said NCRP President Rick Cohen.  "I hope that Congress will ensure that any measure it enacts to shine sunlight on issues of corporate responsibility does not leave the important area of corporate charitable giving shrouded in darkness.  Like so many sectors in society, our nation's foundations and charities are suffering the consequences of corporate recklessness as the stock markets have tumbled in the wake of scandal upon scandal.  T

NCRP is advocating that corporations should be required to reveal their grantmaking to charitable or philanthropic nonprofits that are affiliated with their sitting boards of directors and with high-level corporate executive officers.  NCRP suggests that reporting requirements should kick in for such corporate contributions in excess of $10,000.   Having such a reasonable floor on reporting requirements would allow for the necessary accountability while avoiding overly burdensome record-keeping by corporations and charities.

The House version of the disclosure bill that passed in April, H.R. 3763, includes some provisions promoting disclosure of corporate charitable giving, but S. 2673, spearheaded by Sen. Paul Sarbanes, D-Md., which passed the Senate yesterday, has no such provisions.  NCRP hopes that a House-Senate conference committee will ensure that the final bill requires corporate charitable disclosure as called for in the House version of the measure.